PMs to engage EU on future of Citizenship by Investment programmes

Eastern Caribbean leaders are set to launch a high-level diplomatic push with the European Union over concerns surrounding Citizenship by Investment (CBI) programmes and the bloc’s revised visa suspension mechanism.

The leaders, including Prime Minister Philip J. Pierre, agreed on Friday to undertake a mission to Brussels “at the earliest appropriate opportunity” to engage directly with senior EU officials, including the President of the European Commission, the President of the European Council and the High Representative of the Union for Foreign Affairs and Security Policy.

The decision came during a meeting in Roseau, Dominica, chaired by Dominican Prime Minister Roosevelt Skerrit, where regional leaders reviewed recent communication from the European Commission and discussed the potential implications for their countries.

“These engagements will seek to deepen mutual understanding of the unique vulnerabilities and development realities of small island developing states, to explore practical and mutually beneficial solutions to the issues identified by the European Union, and to strengthen the longstanding partnership between the European Union and the Eastern Caribbean,” the leaders said in a statement issued after the meeting, which was also attended by Prime Ministers Gaston Browne of Antigua and Barbuda, Dickon Mitchell of Grenada, Dr Terrance Drew of St Kitts and Nevis, and Godwin Friday of St Vincent and the Grenadines.

The leaders highlighted the role of CBI programmes, arguing that they have become an important source of development financing for small island states.

CBI programmes allow eligible foreign applicants to obtain citizenship of a country after meeting established requirements, including investment and due diligence criteria.

According to the statement, revenues from these programmes have supported investments in climate resilience, disaster recovery, infrastructure, housing, healthcare, education and fiscal stability.

The leaders acknowledged the importance of maintaining strong safeguards around CBI programmes, highlighting reforms including strengthened due diligence frameworks, enhanced information sharing, transparency measures and regional standards.

They pointed to the establishment of the Eastern Caribbean Citizenship by Investment Regulatory Authority as a major step towards improved oversight and harmonised regulation.

The governments warned that any future adjustments to existing arrangements must take into account the economic realities facing small island developing states.

“Any transition affecting a significant source of national development financing must be accompanied by a comprehensive framework that safeguards economic stability, protects development gains already achieved, and supports the creation of sustainable alternative sources of financing,” the statement said.

The leaders said discussions with the EU should also include opportunities for enhanced development cooperation, strategic investment partnerships, climate resilience financing and economic diversification initiatives.

They further directed foreign ministers, ministers responsible for CBI programmes, ambassadors and senior officials to coordinate closely to ensure a unified regional position in engagements with European counterparts.

The statement concluded that any future framework should be guided by “the principles of proportionality, partnership, shared responsibility, and sustainable development.”

The article PMs to engage EU on future of Citizenship by Investment programmes is from St. Lucia Times.